Bitcoin mining has always been a global race. In its early years, anyone with a computer could participate. But by the mid-2010s, the industry had become dominated by large operations in China, where nearly 70 percent of the world’s hashrate and all major machine manufacturers were concentrated. North America lagged far behind, with little infrastructure, limited capital, and almost no institutional players willing to step in. That was the environment in which Foundry was created. Backed by Digital Currency Group, the mission was straightforward: build the rails for bitcoin mining in North America. As one Foundry team member put it …